Hopefully after last week’s introduction into level funding, you should have an idea of how your maximum financial exposure is on level funding. This week we will look at another benefit of level funded plans.
Plan design, or how to arrange your employee benefits to the benefit of your staff while getting the most out of the bucks you are spending on this. In the beginning, you are doing what you always have done with your regular fully funded plans. BUT now you notice that you are getting monthly claims reports as to where your employees are using their healthcare benefits. At 9-10 months down the road, we can get a picture of where your staff and family are spending their medical dollars. We can now review this and decide if this the best use of our benefit dollars based on information specifically for your company. Are there behavior patterns we want to encourage or discourage? How did our wellness program impact our benefits? Since you get to manage the unspent claims dollars, wellness programs take on a whole new meaning as you can see their effectiveness or not in claims dollars spent. Do we want to rent a van, to buy medications, for that monthly trip to Algodones, Mexico? Just kidding, or am I? Would a “Call a Doc” program be more convenient for staff and also keep people out of the doctor's office. The “Call a Doc” programs can even prescribe drugs.
Are there things we need to better cover and what are the tradeoffs? You should now be better equipped to get the most bang for the buck for the benefit dollars you are already spending.
We will be with you every step of the way, so we can help you design and manage your benefits dollars. Give us a call and we can see if this is feasible for your company.
Call us now – 480-830-2595